Six-Property Multifamily Portfolio
For Sale
$2,999,999
14296 Glenwood St, Detroit, MI 48205
Six multifamily buildings sold together, including one fully renovated occupied asset and five vacant properties ready for redevelopment.
Property Size9,744 SF
Days on Market57
Property Features for 14296 Glenwood St
General Information
Standard status
Active
Size
9,744 SF
Property subtype
Investment
Additional Details
Multifamily Units
168
Taxes and HOA fees
Annual Taxes
$6,176
Building Details
Building Size
9,744 SF
Year Built
1952
Units
12
Listing Agency:
eXp Realty
(734) 637-1430
Listed By:
John Goci · License #6501389885
(734) 637-1430
Source:
Elliman
Added: Jun 16
Changed: Aug 10
Last Checked: Aug 10 at 6:14AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of eXp Realty
Investment Insights
Based on property information with market context.
This offering presents a six-property multifamily portfolio package, sold as a single transaction with no individual property sales considered. The portfolio includes one fully renovated, occupied property operating as a single-room rental configuration with 62 rentable beds, while the remaining five apartment buildings are vacant. One building is approximately 50% rehabilitated with electrical and plumbing work completed and approved. For the other vacant properties, exterior brick has been cleaned, and the buildings have been cleaned out, boarded, secured, and dried-in, establishing a foundation for renovation completion.
All properties are included in the same portfolio sale. The current owner/developer is located out of state and has elected to sell the entire package rather than manage remotely. The owner requires proof of funds prior to showings, and prospective buyers are asked to drive by the properties before requesting access.
For investors or developers seeking scale in one closing, this portfolio provides an in-place income component alongside multiple redevelopment opportunities across different building sizes and rehabilitation stages. The mixture of occupied performance at one asset and varying levels of renovation progress at the others may support a phased approach to completion and stabilization based on each building’s current condition.
All properties are included in the same portfolio sale. The current owner/developer is located out of state and has elected to sell the entire package rather than manage remotely. The owner requires proof of funds prior to showings, and prospective buyers are asked to drive by the properties before requesting access.
For investors or developers seeking scale in one closing, this portfolio provides an in-place income component alongside multiple redevelopment opportunities across different building sizes and rehabilitation stages. The mixture of occupied performance at one asset and varying levels of renovation progress at the others may support a phased approach to completion and stabilization based on each building’s current condition.
Key Highlights
- Portfolio sale only: six multifamily buildings in Detroit sold together as a single package (no individual property sales).
- 14299 Fordham St: fully renovated and occupied single‑room rental with 62 rentable beds; rents range $450–$595 per month per bed.
- 14296 Glenwood St: 20‑unit apartment building about 50% rehabilitated; rough electrical and plumbing work completed and approved.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$102,221
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.41%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,044,420
$2.0M
Cap Rate 7%
$1,460,300
$1.5M
Cap Rate 9%
$1,135,789
$1.1M
Market Conditions
NOI Build-Up for 9,744 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$198.8K $20.40/SF
− Vacancy
−$12.9K −$1.33/SF
EGI
$185.9K $19.07/SF
− OpEx
−$83.6K −$8.58/SF
NOI
$102.2K $10.49/SF
Area
Detroit, MI
Vacancy
6.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,044,420
Cap Rate 7%
$1,460,300
Cap Rate 9%
$1,135,789
Alternative Uses
Best Use
Apartment 5plus
$1.46M
$1.28M – $1.70M
NOI $102,221 @ 7.0% cap · market cap 3.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.15M
$1.88M – $2.51M
NOI $150,469 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
168
Residential units
Location Intelligence
Trade Area within ½ mile
380
Businesses Nearby
Explore this area
Business Placement
Demographics for 48205, MI
34,056
Population
17,102
Households
2
Avg Household Size
32
Median Age
9%
College-Educated
85%
High-School Grad
6.4 sq mi
ZIP Area
5,321
Density / Sq Mi
$40,612
Median Household Income
$30,833
Median Earnings
$1,149
Median Rent
$55,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six multifamily buildings sold together, including one fully renovated occupied asset and five vacant properties ready for redevelopment.
Where is this apartment building located?
The property is located at 14296 Glenwood St Detroit, MI.
What is the asking price?
The asking price for this property is $2,999,999.
What are key features of this property?
This property features: Portfolio sale only: six multifamily buildings in Detroit sold together as a single package (no individual property sales).; 14299 Fordham St: fully renovated and occupied single‑room rental with 62 rentable beds; rents range $450–$595 per month per bed.; 14296 Glenwood St: 20‑unit apartment building about 50% rehabilitated; rough electrical and plumbing work completed and approved.
